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- Overview
- The Asian Metal 2012 International Rare Earth Summit, to be hosted in San Francisco, California from May 9-11, is poised to be the largest North American gathering market participants, encompassing end-users, producers, and potential suppliers, with strong delegations also coming from Asia, Europe, and South America. The Summit will feature presentations and analyses of the rare earth supply-chain, beginning with an in-depth coverage of the industry within China, as well as a comprehensive look at several resource deposits. International experts from the public and private sector will address concerns over major changes in demand for materials, and discuss possible solutions to today’s challenges.
- Market participants began 2012 with a continued softening in rare earth prices. After rates reached historical highs the previous year, buyers started to drastically reduce orders, consume existing inventories, and, in some cases, search for substitutes. Players within the industry breathed a sigh of relief when the Chinese Ministry of Commerce announced that 2012 export quotas would nearly match the previous year’s volume of 30,184 tons, despite only utilizing approximately 50% in 2011.
- As China looks to further consolidate the rare earth mining industry in order to exert greater control, eradicate illegal operations, and improve environmental conditions within the country, consumers recognize the increased volatility of the market and continue to search for short- and long-term solutions to their material needs. Accordingly, nearly 250 rare earth deposits are at various stages of development around the world, with several factors ultimately determining the projects’ success. This year will prove to be a turning point in the industry as a select group of major players anticipate start-up and production.